爱博医疗：PIOL(ICL)产品在上海发布，等待国家药监局最终批准；买入

Investment Rating - The report assigns a "Buy" rating to Eyebright (688050.SS) with a 12-month price target of RMB 133, indicating an upside potential of 35.8% from the current price of RMB 97.96 [9][10]. Core Insights - Eyebright is positioned to capture market share in the PIOL segment with its newly launched product "Loong Crystal," which is expected to compete directly with STAAR Surgical's ICL products. The company anticipates receiving final approval from the National Medical Products Administration soon, raising the product's development success rate from 60% to 95% [1][5]. - The overall clinical efficacy and patient experience of "Loong Crystal" are comparable to leading ICL products, benefiting from good biocompatibility and a unique biconcave structure that reduces friction around the lens [2][4]. - The Chinese refractive surgery market is estimated to reach 1.3 million procedures in 2023, with PIOL penetration at approximately 8.5%. STAAR Surgical currently dominates this market with a 95% share, generating revenue of USD 186 million from China in 2023. Eyebright is expected to gradually capture market share from STAAR in both public and private hospitals [5][8]. Summary by Sections Revenue Forecast Adjustments - The revenue forecasts for Eyebright for 2024, 2025, 2026, and 2027 have been adjusted by 0.0%, -0.2%, +0.2%, and +0.4% respectively, reflecting the higher success rate of the PIOL product, although this is offset by slower growth in the OK lens segment in 2025 [1][7]. Market Share Projections - By 2034, Eyebright is projected to capture approximately 14% of the Chinese PIOL market, with expected revenue from "Loong Crystal" adjusted to RMB 30 million in 2025 [5][6]. Growth Drivers - The company is expected to achieve a compound annual growth rate (CAGR) of 24% in earnings from 2024 to 2034, driven by increased penetration rates and market share gains, supported by demographic trends such as an aging population and product upgrades in cataract surgery [8][9].